Like other consumer rates, mortgage rates are impacted in large part by what's going on in the economy.
This allowed mortgage rates to drop as low as they did, with 30-year mortgage rates reaching an all-time low of 2.65% in January 2021, according to Freddie Mac.
Because mortgage rates are still so high, some hopeful homebuyers have decided to wait for lower rates to start shopping for homes.
Mortgage rates in 2024: FAQsWill mortgage rates go down in 2024?
All consumer interest rates, including mortgage rates, should start to ease as soon as inflation slows further.
Persons:
Homebuyers, homebuyers, what's, Fannie Mae, Freddie Mac, Lawrence Yun, that's
Organizations:
Fed, Bureau of Labor Statistics, NAR, National Association of Realtors, CNBC, Federal Housing Finance Agency, Veterans United, Loans, Federal Reserve, Mortgage, Association
Locations:
Chevron